NSE: ASHAPURMIN · BSE: 527001
ASHAPURA MINECHEM LTD
Produces and sells industrial minerals, primarily bauxite from mining operations in Guinea and India. Full-year FY26 revenue was ₹5,237.13 crore, with Q4 FY26 alone contributing ₹1,968.6 crore. The Guinea business, run through subsidiaries Minex and SGMF, drove growth with bauxite volumes of 3.16 MMT in Q4, up from 1.39 MMT in the previous quarter. India operations, on a standalone basis, also generate revenue but faced margin pressure from rising input costs and an unfavourable sales mix. Operations span India, the UAE (via subsidiary AHUF) and Guinea. Materials accounted for 23.0% of revenue, other operating expenses 60.1%, depreciation 2.5% and employee cost 2.7%. EBITDA margin for FY26 was 12.78%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Guinea Bauxite mining, India operations, UAE operations. Cyclical, asset-heavy industrial minerals mining with export exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,278 | 1,831 | 2,654 | 2,739 | 5,237 |
| EBITDA (ex other income) | 99 | 173 | 345 | 370 | 550 |
| margin % | 7.8 | 9.4 | 13.0 | 13.5 | 10.5 |
| Owners' profit | 87 | 117 | 287 | 296 | 401 |
| EPS, as reported (₹) | 9.65 | 12.79 | 31.37 | 31.46 | 42.02 |
| ROE % · ROCE % | 16.6 · 10.6 | 16.7 · 11.5 | 30.7 · 18.5 | 23.6 · 16.5 | 25.3 · 19.2 |
| Debt / equity (x) | 1.22 | 1.15 | 1.07 | 0.95 | 0.88 |
| Cash from operations | 92 | 97 | 148 | 188 | 463 |
| Capex | (148) | (134) | (332) | (401) | (279) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 604 | 865 | 555 | 1,356 | 953 | 960 | 1,969 | 1,616 |
| Profit before tax | 27 | 113 | 82 | 125 | 71 | 81 | 141 | 123 |
| Net profit | 43 | 108 | 79 | 114 | 106 | 76 | 121 | 108 |
| EPS (₹) | 4.71 | 11.15 | 9.08 | 11.50 | 10.11 | 8.82 | 11.59 | 12.07 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LLOYDS METALS N ENERGY L | 99,915 | 20.1 | 7.00 | 18.7 | 26.8 | 17.7 | 132.2 | 39.6 |
| NMDC LTD. | 59,345 | 8.0 | 1.74 | 6.0 | 21.9 | 28.0 | 15.8 | 41.4 |
| GUJARAT MINERAL DEV CORP | 13,873 | 14.5 | 1.96 | 10.1 | 13.5 | 15.5 | 14.7 | 29.5 |
| GRAVITA INDIA LIMITED | 9,889 | 24.9 | 4.02 | 20.6 | 15.4 | 17.2 | 24.8 | 10.7 |
| MOIL LIMITED | 4,475 | 70.5 | 1.65 | 10.0 | 0.3 | 0.4 | — | 35.6 |
| ASHAPURA MINECHEM LTD ◆ | 4,090 | 10.1 | 2.49 | 7.8 | 25.3 | 15.0 | 35.5 | 11.7 |
| ORISSA MIN DEV CO LTD | 1,926 | — | — | — | (0.7) | 0.5 | — | 52.8 |
| 20 MICRONS LTD | 559 | 8.3 | 1.15 | 4.9 | 13.7 | 16.9 | 14.6 | 13.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.1 | 14.5 | 4 of 9 | 63% |
| P/B | 2.5 | 1.7 | 10 of 13 | 25% |
| ROCE | 15.0 | 8.4 | 7 of 14 | 54% |
| ROE | 25.3 | 13.5 | 2 of 13 | 92% |
| Debt / Equity | 0.9 | 0.3 | 11 of 13 | 17% |
| EBITDA margin | 11.7 | 13.8 | 8 of 13 | 42% |
| Revenue growth | 19.2 | 19.2 | 7 of 13 | 50% |
| Profit growth | (4.9) | 9.8 | 11 of 14 | 23% |
| Market cap | 4090 | 1243 | 6 of 14 | 62% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA confirms dematerialisation of securities for quarter ended September 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Ashapura Minechem 45th AGM: Chetan Shah retires, moves to strategy role; 100% dividend declared | management changes | low | — | — |
| 29 Sept 2026 · Promoter son Manan Shah named Whole Time Director for five years | management changes | medium | — | — |
| 29 Sept 2026 · Promoter son Manan Shah appointed Whole Time Director at Ashapura Minechem | management changes | high | — | — |
| 29 Sept 2026 · AGM results: 100% dividend approved, 3 resolutions passed, KMP pay rejected | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Ashapura Minechem 45th AGM: revenue 5,237 cr, dividend doubled to 100 percent | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Ashapura Minechem Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 | compliance | minimal | — | — |
| 23 Sept 2026 · Ashapura Minechem gets Rs 6.13 lakh order from Gujarat Mining Dept over illegal mining rules | regulatory legal | high | — | — |
| 22 Sept 2026 · Promoter family restructures holdings via trusts for succession planning | ownership changes | high | — | — |
| 22 Sept 2026 · Newspaper advertisement on loss of share certificates filed with exchanges | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.